The Value of Collaboration

What does a million dollars look like? Most of us would have trouble picturing it. How about $31 million? That’s what R&B performer-turned-entrepreneur Ray J sold his company for in the fall of 2017. As an entrepreneur starting up a new business, Ray J created visibility for his product by strategically using his celebrity and connections. In the end, it paid off – he sold the company, Raytronics, to Cowboy Wholesale for an enormous sum of money, at which point it was rebranded as Raycon. Raycon is an environmentally conscious brand that sells sleek, trendy consumer electronics designed for young, busy professionals. When he was building his brand, Ray J made sure to get his product in front of people who could – and likely would – help promote his business. Choosing representatives to spread the word about your product is incredibly important – and doesn’t necessarily imply a paid contract. In fact, some of the best people to represent your product or business are not the people who are paid to do it, but the people who do it because they use and love the product, and want others to use and love it too! Happy customers who use the product can provide a great source of advertising in the form of word-of-mouth and social media publicity, both of which are incredibly important in today’s marketing environment. As part of the contract, Ray J maintains his position as the head of marketing and advertising. Given his success so far, that’s a smart move for Raycon! This new contract promises to be mutually beneficial both for Ray J’s brand and for Cowboy Wholesale – Raycon has an appealing product and celebrity representative, and Cowboy Wholesale has the funding and structure to support the brand and grow it into maturity. No matter how you look at it, this deal promises to be good for everyone involved. #POWERYOURHUSTLE #Entrepreneur #Money #Networking Link to article: https://www.blackenterprise.com/ray-j-closes-31-million-deal-launchraycon/